The USD/CAD bullish movement managed to break above the upper limit of the depicted long-term channel (0.9725). It was considered to be a bullish signal in the long term with a confirmed bullish 123 reversal pattern appearing on the DAILY chart targeting 0.9980 which was hit earlier today.
Last week, considerable bullish price action was expressed towards 0.9770 (the newly established ascending bottom) which is considered to be a quite strong bullish manifestation.
Price zone 0.9820 - 0.9850 is now considered to be an Intraday Support zone. In order to resume the targets for the bullish patterns targeting around 0.9980 there should remain consolidating above this zone.
Price area 0.9960-0.9975 corresponding to the upper limit of the newly established 4H bullish channel is considered to be a strong Intraday Resistance zone where a bearish retracement would probably take place towards 0.9820 - 0.9850 before further continuation of the bullish movements.